FCA promises ‘best regulatory pay packets’ as it launches hiring spree
The Financial Conduct Authority is expecting around 200 new joiners in the first quarter of this year and is promising “one of the best” employment packages of any regulator.
It comes as the City watchdog has faced anger from staff and strike threats over new chief executive Nikhil Rathi’s transformation plans, which include changes to pay.
Speaking at The Future of UK Financial Regulation Summit today (8 February), Sarah Pritchard, executive director, markets for the FCA, said the regulator was bolstering its team as it increases its focus on consumer protections and ensuring effective capital markets.
She said 95 new colleagues have joined its authorisations team and it recruited 60 new members of staff last month, with similar numbers expected in the coming months.
The FCA is recruiting for new senior leaders across supervision, competition, policy and enforcement as well as a new finance director who will be announced shortly too, Pritchard said.
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“As we evolve to become more innovative, assertive and adaptive, will continue to offer one of the best, if not best, employment package of any UK enforcement agency or regulator and we look forward to continuing to build our people capabilities and our organisation as a whole by recruiting diverse talent, and supporting career growth of our existing colleagues,” she said.
It comes as current FCA staff have complained that Rathi’s plans to overhaul the regulator and link pay more closely with performance will result in three out of four of them facing having their income reduced by 10 per cent.
The City watchdog has proposed new pay grades for staff that are currently being considered.
“The proposals in the consultation would ensure the FCA continues to provide one of the best, if not the best, employment packages of any regulator or enforcement agency in the UK,” an FCA spokesperson said.
“Under the proposals, most colleagues will receive base salary rises of at least five per cent this year and four per cent next, with many receiving significantly higher amounts.
“In particular, around 800 of our lowest paid colleagues would receive pay rises this year of, on average, £3,800.
“We have undertaken significant consultation with our colleagues on these proposed changes and expect to publish the outcome by March, following consideration by the FCA board.”